The team at Clearwater Private Wealth Advisors in Indiana.
Ameriprise has also added a $130 million advisor from PNC, while a former pro golfer from LPL takes to Cetera’s tax-focused community, Avantax.
Wells Fargo has lured a billion-dollar ensemble from Ameriprise to join its indepedendent broker dealer arm, the firm announced Thursday, as Ameriprise and Cetera announced notable advisor additions of their own.
Clearwater Private Wealth Advisors, an Indiana-based team who reported overseeing $1 billion in client assets, has left Ameriprise to affiliate with Wells Fargo Advisors Financial Network, also known as FiNet.
The move brings an 11-person advisor group, led by managing partners Gregg Keele and Ryan Perkins, to Wells Fargo’s independent channel, along with a support staff of 12 and three offices across the state.
The team, which includes advisors Philip Christner, Aaron Austin, Ben Hoeing, Kevin McKay, Laura McMahon, Ed Puglise, Drew Baker, Tom Russell, and Mason Whitted, cited the ability to offer clients a wider range of services while maintaining independence as a key factor in their decision.
“As our client base moves up market, affiliating with Wells Fargo Advisors Financial Network represents a strategic and natural progression for our business and ultimately allows us to serve our clients with even greater breadth and depth,” Perkins, who’d been previously affiliated with Ameriprise since 2001, said in a statement Thursday.
He added that the team will benefit from “the best of both worlds” by gaining access to Wells Fargo’s resources while preserving their independent approach.
A joint study by FiNet and Deloitte showed reducing administrative burdens with centralized functions around portfolio management logged a 16% increase in advisor productivity.
Wells Fargo Advisors is home to around 12,000 bank advisors, wealth management advisors, and independent advisors, the latter of which is a point of differentiation compared to Wells Fargo’s rival wirehouses.
In other recent moves, Ameriprise announced that Alex Gunn, a 16-year industry veteran previously with PNC Investments, has joined Third Coast Advisors in Texas.
Third Coast Advisors, the investment program for Third Coast Bank, is a Georgetown-based financial advisory practice within the Ameriprise Financial Institutions Group. It’s operated by a team of five financial advisors reporting more than $600 million in combined brokerage assets.
Gunn, who previously managed more than $130 million in client assets, said he was drawn by Ameriprise and Third Coast Advisors’ focus on building lasting relationships and delivering comprehensive financial planning.
Meanwhile, Avantax, part of Cetera, welcomed Barry Jay “BJ” Dekreek, a former professional golfer and Atlanta-based wealth manager, who moved his practice from LPL to Avantax.
Dekreek, whose 20-year post-golf career in wealth management includes affiliations with Merit Financial Advisors and Raymond James & Associates, cited the firm’s high-touch service model as a key reason for the transition, as well as a desire to deepen relationships with CPAs and tax professionals.
A 2024 survey by the American College of Financial Services found significant demand for tax planning for small business owners. More than half of investment advisors and dually registered representatives admitted they don’t offer that service, but clients “always” or “often” request it.
“[A]cross all categories, advisors are not meeting the needs of their clients when it comes to small business tax planning, a valuable service that many advisors could benefit from offering to their clients,” the report said.
He aligned with Legacy Capital Advisors, where the former pro linksman said the back-office support allows him to engage more with his clientele of high-net-worth individuals, with an emphasis on business owners.
Source: investmentnews.com
